Question: Please help solve EXERCISE 13-7 Prepare a Statement of Cash Flows (Indirect Method) Comparative financial statement data for Holly Company are given below: (LO2, LO3)

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EXERCISE 13-7 Prepare a Statement of Cash Flows (Indirect Method) Comparative financial statement data for Holly Company are given below: (LO2, LO3) December 3 2002 2001 Cash Accounts receivable . 36 29 6 1 180 (40)(30) $247 $39 70 138 $247 Common stock 90 For 2002, the company reported net income as follows: . .. . $500 300 $20 Dividends of $8 were declared and paid during 2002. There were no sales of plant and equipment during the year. Required: Using the indirect method, prepare a statement of cash flows for 2002

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